Storing your Crypto Currency/Digital Money

Where to Safely Store Your Cryptocurrencies

As mentioned crypto currency is a digital currency, thus it cannot be stored physically.

Like your wallet in which you store your physical money, credit/debit cards, id’s etc, a crypto currency is also stored in a digital wallet. These wallet services are provided by Crypto Currency exchanges in addition to individual organisations.

Just like banks, these  organisations will keep or store your digital money.

In these wallets, you will find your secret codes or keys needed to be able to transact/spend your crypto money.

When it comes to receive crypto money, like a bank account number is given to people to receive money in your bank account, you will  need to give an address of your wallet to people, to receive your crypto money. Some wallets can even generate several addresses so you can give a different one to every person you’re transacting with as an extra precaution.

There are many types of wallets, including desktop programs and mobile apps.

For those who think online storage of money is too risky, there are special hardware wallets that promise to keep your money secure while also being easier to access, such as that prototype bracelet by MEVU. Some physical wallets even take on an unusual form, like a CD or a vinyl encoded with private keys as audio files.

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